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Carbon offset exchange to launch in Singapore by end of 2021
21 May 2021Hanwei Wu
The Singapore Exchange is joining forces with the Development
Bank of Singapore, investment firm Temasek Holdings and the UK's
Standard Chartered Bank to develop an exchange for trading carbon
offset credits.
Known as Climate Impact X (CIX), the offerings will include the
exchange and a project marketplace. CIX will begin offering trading
of carbon credits generated from projects involving nature-based
solutions towards the end of 2021.
The exchange will enable the trading of "large-scale,
high-quality carbon credits through standardized contracts" that
the companies say will cater mainly to multinational corporations
and institutional investors.
Unlike the exchange, the marketplace is meant for entities
seeking to participate in the voluntary carbon market and will
offer them a curated selection of natural climate solutions
projects, which involve the protection and restoration of natural
ecosystems. Each project will be supported with environmental risk
and pricing data, the project's backers said.
The partners intend to leverage satellite monitoring, machine
learning and blockchain technology. Conversations are underway with
global rating agencies to provide independent environmental ratings
for the projects, they said.
"By facilitating a well-functioning marketplace with strong
impact and risk data, CIX will enable efficient price discovery and
catalyze the development of new projects," said Mikkel Larsen,
interim CEO of CIX and chief sustainability officer at DBS, said in
a 20 May statement accompanying the announcement.
CIX is born out of Singapore's Emerging Stronger Taskforce's
Alliance for Action on Sustainability, a government-led initiative
that aims to position the country as a hub for carbon-related
services.
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